On the transition dynamics in endogenous recombinant growth models

Fabio Privileggi

POLIS Working Papers from Institute of Public Policy and Public Choice - POLIS

Abstract: This paper constitutes a first attempt at studying the transition dynamics of the Tsur and Zemel (2007) continuous time endogenous growth framework in which knowledge evolves according to the Weitzman (1998) recombinant process. For a specific choice of the probability function characterizing the Weitzman recombinant process, we find a suitable transformation for the state and control variables in the dynamical system diverging to asymptotic constant growth, so that an equivalent 'detrended' system converging to a steady state in the long run can be tackled. Since the dynamical system obtained so far turns out to be analytically intractable, we rely on numerical simulation in order to fully describe the transition dynamics for a set of values of the parameters.

Keywords: Knowledge Production; Recombinant Expansion Process; Endogenous Balanced Growth; Turnpike; Transition Dynamics (search for similar items in EconPapers)
JEL-codes: C61 O31 O41 (search for similar items in EconPapers)
Pages: 36 pages
Date: 2008-12
New Economics Papers: this item is included in nep-cmp and nep-fdg
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (9)

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Persistent link: https://EconPapers.repec.org/RePEc:uca:ucapdv:120

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